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Consolidate all your debts with a cheap mortgage

Date: Tue, 31 Jan 2006

Householders could consolidate their debts by finding a new cheap mortgage and reduce their monthly outgoings.

Credit card provider Morgan Stanley estimates that many UK consumers are planning to reduce their plastic debits over the next three months. The study shows that the average Brit wants to spend just £645 on their credit card, compared to £940 in the last three months of 2005.

Patrick Muir, marketing director, the Morgan Stanley Credit Card, said: "Following recent reports of a prudent festive period, our Index shows that we can also expect to see a drop in credit card spending over the next three months, particularly on luxury purchases."

He added: "Customers seem to increasingly recognise the advantages of using their credit cards on everyday items, as they can receive benefits such as cash back on all their purchases."

However, a cheap mortgage deal could mean that many people may benefit from releasing some of their home equity to cover their outstanding debts.


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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.